Finance Minister: There is big news for EPFO subscribers. A parliamentary committee will seek an explanation from the Finance Ministry for turning down the Labor Ministry’s proposal to increase the pension of Employees’ Provident Fund Organization (EPFO) subscribers from the current Rs 1,000 per month.
EPFO News: Important news for EPFO subscribers. The government has made an important announcement for the subscribers of the Employees’ Provident Fund Organization (EPFO). Although this news may disappoint you. Actually, the government has rejected the proposal to increase the pension of Employees’ Provident Fund Organization (EPFO) subscribers. After this, a parliamentary committee will seek an explanation from the Finance Ministry for turning down the Labor Ministry’s proposal to increase the pension from Rs 1,000 per month.
EPFO subscribers got a shock
Top officials of the Labor Ministry and EPFO on Thursday briefed the Parliamentary Standing Committee on Labor headed by BJD MP Bhartrihari Mahtab about the operation of the EPF pension scheme and management of its funds. Officials informed the committee that the finance ministry was not agreeable to the labor ministry’s proposal for any increase in the monthly pension. After this, the committee has now decided to call the top officials of the Finance Ministry to seek clarification regarding this subject.
In fact, the committee in its report had recommended increasing the minimum monthly pension payable to member/widow/widower pensioners by at least Rs 2,000. In view of the rising inflation, the committee had given this proposal.
Pension Scheme Changes
Significantly, the EPFO has agreed to withdraw deposits under the Employees’ Pension Scheme 1995 (EPS-95) for employees retiring in less than six months. As of now, Employees’ Provident Fund (EPFO) subscribers are allowed to withdraw deposits from the Employees’ Provident Fund account only if they have less than six months of remaining service. This decision means that now the subscribers of EPFO will be able to withdraw money from the pension fund as well.